Saturday, September 09, 2006

Similarities Between Building Wealth and Staying Healthy

In a recent discussion, my father-in-law and I noticed some remarkable similarities between the challenges and successful approaches for saving and dieting. I have summarized our insights below.

Success usually requires a lifestyle change. Short term solutions usually don’t work, because one falls back into old ways eventually. Saving needs to be integral part of the life you have, not a chore you hate.

Starting young helps. We pay for or benefit from the actions in our youth. Mickey Mantle once said, “If I had known I would live this long, I would have taken better care of myself (when I was young).” I expect that many retirees have said, “If I had known I would live this long, I would have set aside more money when I was young.” Recall, saving $1 per day for 30 years can yield almost $70,000.

Keep it simple. One colleague of mine successfully began dieting by just “getting rid of the junk” – i.e. doughnuts, candies, and other sugar filled items. Building wealth strategies should also be simple by focusing on one or two strategies – e.g pay youself first, buy only what you need.

Building wealth is for the long run. I want to be wealthy (and healthy) all of my life, not just for a few years. To use a metaphor, it’s a marathon, not a sprint. It’s better to finish the race, than to just win the first mile.

This is not financial advice. Please consult a professional advisor.

Copyright © 2006 Achievement Catalyst, LLC

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